Economic survey for 2014-15 with summary

Economic survey is presented every year by the Finance minister of India on the day before presenting the budget i. e. 27 February. This year also, Finance Minister Arun Jaitley presented the Economic Survey of previous year 2014-15 on 27 February. This economic survey was prepared by the Chief Economic Advisor Arvind Subramanian.

Here are some highlights of Economic survey of 2014-15:

• Economic growth at market prices seen between 8.1 - 8.5 percent in 2015-16 on new GDP calculation formula
• Current Account Deficit (CAD) estimated at about 1.3 percent of GDP in 2014-15 and less than 1.0 percent of GDP in 2015-16
• Reduce fiscal deficit over the medium term to the established target of 3% of GDP
• Move towards the golden rule of eliminating the revenue deficit
• Improve quality of public expenditure; shift away from public consumption (by reducing subsidies) towards investment
• Economic Survey highlights the need for balance between ‘Make in India’ and ‘Skilling India’
• Inflation shows a declining trend during the year 2014-15 
• Consumer Price Index(CPI) to remain around 5-5.5% in 2015-16 

• India’s National Solar Mission Being Scaled up Five-Fold to 100,000 Megawatts 
• Clean Energy Cess Doubled to Rs.100 per Tonne to Mop up Rs. 17,000 Crores in NCEF
• India’s Action-Oriented Policies to Bring Rapid Development to People While Purposefully Addressing Climate Change 
• The Index of Industrial production (IIP) suggests that industrial sector is recovering slowly with a 2.1 per cent in April - December 2014-15
• Hyper-Growth in Tech start ups in India, Rural Penetration of IT Services to Drive ‘Make in India’ Mission,Electronic Visa gives Fillip to Tourism Sector 
• Create National Common Market in Agricultural Commodities
• Foodgrains production for 2014-15 estimated at 257.07 million tonnes; will exceed average food grain production of last five years by 8.5 million tones